Edo State has recorded a major economic milestone following the announcement of a $100 million Foreign Direct Investment (FDI) into Presco Plc by Belgian agro-industrial giant SIAT NV.
The fund represents the first tranche of a landmark $1 billion investment commitment, aimed at accelerating agro-industrial development across Nigeria over the next decade.
According to Presco, the fresh capital will support a broad range of expansion initiatives, including scaling its industrial capacity, accelerating plantation development, boosting value-addition efforts, and deepening technology adoption across its operations. The investment is also expected to strengthen local talent development and further position Nigeria as a competitive player in the regional edible oils and speciality fats market.
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The move is considered a strong vote of confidence in Edo State’s business environment, buoyed by the administration of Governor Monday Okpebholo. Under his leadership, Edo has made significant progress in improving security, enhancing governance structures, and cultivating a business-friendly climate capable of attracting large-scale global capital.
“Nigeria and Edo State remain at the heart of Presco’s long-term strategy. This renewed commitment reflects our confidence in the country’s reform direction, its resilience, and the strong leadership driving Presco’s consistent performance,” said Olakanmi Rasheed Sarumi, Chairman of Presco Plc.
The deal reinforces Edo State’s growing reputation as one of West Africa’s most attractive destinations for industrial investment. It also highlights the enormous potential of its agricultural sector, an engine for job creation, export growth, and economic diversification.
With the ongoing rollout of Governor Okpebholo’s economic blueprint, the investment is expected to generate thousands of jobs and significantly boost the state’s economic productivity, while supporting Nigeria’s broader push for non-oil growth.
Presco Plc, a standout performer on the Nigerian Exchange (NGX), continues to deliver strong returns to investors and remains one of the region’s biggest employers. The new capital injection will not only drive operational upgrades but also expand the company’s workforce, strengthening Presco’s role as a cornerstone of Edo State’s industrialisation agenda.
